MRC -- Eni welcomed the launch of the UK Department for Energy Security and Net Zero’s (DESNZ) “CCUS Vision” which will strengthen the carbon capture, usage and storage (CCUS) to be a competitive market by 2035. This includes the launch of the Track-1 expansion process at HyNet, said the company.
This announcement reaffirms the role of UK as one of the first and most active countries to promote the CCS process as an essential lever for delivering its national decarbonisation targets and has committed ?20 billion to helping the industry reach commercial scale. This has placed the country on a trajectory to store 20-30 million tonnes of carbon dioxide annually by 2030, while creating 50,000 new jobs.
Whitin this framework Eni has established a leading position in the UK where is the CO2 transport and storage operator of the HyNet consortium. Moreover, the company is planning a second UK CCS hub, the Bacton Energy Hub, to decarbonise the Thames Estuary region where has been granted a license to store carbon dioxide in the depleted Hewett gas field in the Southern North Sea. Together, HyNet and Bacton have the capacity to store 500 million tonnes of CO2 and will help to preserve thousands of jobs and encourage investment in new industrial supply chains, thus contributing to the creation of new employment opportunities as well as making a significant contribution to the UK's decarbonisation objectives.
We remind, Eni has agreed to sell a 9% stake in its low-carbon and retail unit Plenitude to Energy Infrastructure Partners (EIP) through a deal that values the unit at 10 billion euros ($11 billion) including debt, the Italian energy company said. Under the agreement, EIP will invest in Plenitude through a capital increase of up to 700 million euros, which, post-transaction, would give the Swiss fund approximately 9% of the company. The initial capital increase will amount to 500 million euros, with the option for EIP to go up to 700 million euros by early 2024.